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Powell begins, really plays down May Nonfarms...>

FED
FED: Powell begins, really plays down May Nonfarms surprise: "Even after the
unexpectedly positive May empl report, nearly 20 mln jobs have been lost on net
since Feb , and unemp rate has risen about 10 pp to 13.3%. As was highlighted by
BLS, this figure likely understates extent of unemployment accounting for the
unusually large number of workers that reported as employed but absent from jobs
would raise the unemp rate by about 3 percentage points."
- Also "despite improvement in May jobs report, unemployment is historically
high"

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